What is the significance of the date mentioned in the Floyds 99 Franchise Agreement within the Lease Addendum?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
I received a Disclosure Document with an issue date of June 10, 2025 that included the following Exhibits:
A List of State Agencies/Agents for Service of Process B Development Agreement C Franchise Agreement D Amendment to Franchise Agreement (Renewal) E FLOYD'S 99 Franchised Barbershop Locations F Franchisees Who Have Left the System G Financial Statements H Operations Manual Table of Contents I Nondisclosure and Noncompetition Agreement J State Addenda and Riders to Disclosure Document, Franchise Agreement, Development Agreement and Other Exhibits K General Release L Lease Addendum and Collateral Assignment of Lease M Notice of Restrictive Covenants N Closing Acknowledgement O Receipts Date: (Do not leave blank) Signature of Prospective Franchisee Print Name
Source: Item 23 — RECEIPT (FDD pages 58–229)
What This Means (2025 FDD)
According to the 2025 Floyds 99 Franchise Disclosure Document, several exhibits are included, such as the Lease Addendum. The document includes a receipt that acknowledges the franchisee has received the FDD, which includes the date of issuance, June 10, 2025. The receipt also requires the franchisee to fill in the date that they received the document.
The date on the Lease Addendum and Collateral Assignment of Lease, as well as the date on the receipt, are important for establishing a timeline and record of when critical documents were provided and acknowledged. This date helps ensure that Floyds 99 is compliant with disclosure requirements, providing the FDD at least 14 calendar days before any binding agreement is signed or payment is made. Some states, like New York and Michigan, have specific timelines that must be adhered to.
For a prospective Floyds 99 franchisee, these dates are crucial for verifying that they have been given adequate time to review the FDD and seek professional advice before committing to the franchise. It also serves as a reference point if there are any disputes regarding the timing of disclosures or the terms of the agreement. The franchisee should ensure that all dates are accurately recorded and that they retain copies of all signed documents for their records.